2024-04-19 21:08:17
The Economic Monitoring Indicator (ISE) is a monthly synthetic index, whose purpose is to provide a measure of the evolution of the country’s economic activity in the short term; which is built from a heterogeneous set of indicators representative of each economic activity.
For the month of February 2024pr the ISE, in its original series, was located at 117.27, which represented a growth of 2.49% compared to the month of February 2023pr (114.43).
Rising economy?
Meanwhile, in the annual data without the seasonal and calendar effect, which is the most real, the growth was 1.3%, slightly lower than that of January of this year (1.5%), as revealed this Thursday by the Department National Administrative Department of Statistics (Dane).
In this aspect, it can be seen that primary activities (agriculture, livestock, hunting, forestry and fishing; exploitation of mines and quarries) are those that continue to drive the economy, if it is taken into account that their annual variation was the most significant at the time. reach 7.8%, which far exceeds the 2.9% of a year before, but is lower than the 10.2% of last January.
The second rebound came from tertiary activities (public services, commerce, artistic, financial, real estate, communications and scientific activities, among others), which had an annual variation of 2.5%, which exceeds 1.5%. % in January, but it is below the 3.8% of a year ago.
You may be interested in:
Economy Monitoring Indicator
The Economic Monitoring Indicator (ISE) is a monthly synthetic index, whose purpose is to provide a measure of the evolution of the country’s economic activity in the short term; which is built from a heterogeneous set of indicators representative of each economic activity.
This instrument is a monthly synthetic index, whose purpose is to provide a measure of the evolution of the country’s economic activity in the short term; which is built from a heterogeneous set of indicators representative of each economic activity.
This indicator allows identifying the seasonality, trend and cycle of economic dynamics over time.
Continuing with the comparison in the results of the seasonally adjusted series, primary activities expanded by 5.91% compared to the month of February 2023. In the original series (without calendar effect) the growth was 7.7%.
You may be interested in:
Commerce and industry
And within the secondary activities that are part of the ISE measurement, there are key sectors for the labor market. Industry, manufacturing, construction and electricity are part of this segment that in its adjusted series collapsed in February (-4.2%, annual data).
Only in the month in its series adjusted for seasonal and calendar effects, there was a month-on-month growth of 0.46%, compared to the month of January 2024.
And according to the National Government: “with the results of the second month of this year, the growth brought by exports of agricultural products, agroindustry and manufacturing, sectors that make up non-mining energy goods, is consolidated.”
And an analysis prepared by the Ministry of Commerce, Industry and Tourism, based on Dane figures, confirms that foreign sales of this type of goods reached US$1,756 million in the month of February alone, which represents a growth of 9.8% compared to the same period in 2023.
As for merchandise shipments, they not only grew in value: they also grew in volume. In February alone, 758,132.8 tons were shipped to the world, an increase of 23.2% compared to February 2023. And in the first two months of the year, nearly 1.45 million tons were exported, a growth of 25.3% compared to the same two-month period in 2023.
You may be interested in:
Tertiary activities
And regarding the tertiary activities side, those that involve commerce, transportation and storage, in their series adjusted for seasonal and calendar effects, a growth of 1.6% is recorded compared to February 2023.
For the month of February 2024 pr, the index of tertiary activities, in its original series, was located at 126.88, which represented a growth of 2.45% compared to the month of February 2023 pr (123.84). .
And regarding these activities, which include, among others, the activities of Supply of electricity, gas, steam and air conditioning; water distribution; wastewater evacuation and treatment, waste management and environmental sanitation activities; Wholesale and Retail; repair of motor vehicles and motorcycles, had a growth of 2.45 percent.
Imports were reduced
In this sense, in 2024, Colombia’s imports began with a drop of 10.3%, managing to reduce the trade balance deficit by USD 0.5 MM, indicated by the National Government.
This reflects low aggregate demand in the economy, with an impact on household consumption and investment. Although imports of intermediate and consumer goods fell significantly (-19.7% and -8.1% respectively), those of capital goods increased by 7.1%. This economic adjustment follows the trend of the previous year.
The reduction in imports accompanies the decrease in exports, affected by the drop in raw material prices. However, an improvement in the trade balance of the current account stands out, indicating a more solid external position and reducing vulnerability to external shocks.
Inflation decreased
And in 2023, inflation closed at 9.28%, favored by the slowdown in food prices, the dilution of external pressures and the substantial reduction in internal pressures. It was an excellent result if we take into account the important adjustments that had to be made in the regulated basket, more precisely in the prices of gasoline and electric energy due to the debts inherited from handling the pandemic in terms of the Fund. of Stabilization of Fuel Prices and the tariff option.
2024 already begins the year with downward inflation, with a result of 8.35% in January and 7.74% in February, which could not be lower due to the strong indexations in rents and ended for being at the high level of expectations, which were 7.7% for the year.
Product prices dropped
Likewise, the Price and Supply Information System for the Agricultural Sector (SIPSA), of the Dane, announced that during the week of April 6 to 12, 2024, the prices of vegetables, fruits and tubers were reduced.
Wholesale prices of vegetables decreased, due to the behavior of Batavia lettuce, carrots, chocolat on the cob, celery, cucumber, ahuyama and spinach. The prices of Batavia lettuce were reduced since income from the growing areas of Antioquia, Cundinamarca, Nariño and Boyacá increased, due to the departure of crops.
For example, the weekly wholesale prices of the AA red egg, between January and April 2024 in the markets of Bogotá, Cali, Neiva and Popayán showed a downward trend, especially in the month of January. The greatest reduction was observed for the week of January 19 in Bogotá, when the reduction was 16% and was due to the decrease in the dollar price, which results in a lower price for chicken concentrate, and to the greater production in poultry farms located in Choachí, (Cundinamarca).